Crypto Prices May 9: Crypto Prices Dip Amid Data Uncertainty

Crypto market cap at $2.40 trillion, down 1.60% in value

• Cryptocurrency prices declined on Tuesday despite no significant data releases, ahead of the Bank of England's impending interest rate decision.

• Traders are eagerly anticipating Thursday's release of unemployment claims.

Major Events To Watch

Crypto Fear and Greed Index:

The Fear and Greed Index has slipped by 9 points to reach 55 out of 100, indicating a prevailing sentiment of greed. This could imply potential selling pressure in the cryptocurrency market.

Crypto values experienced a decline within the last 24 hoursTOP 5 Losers Coins

Latest Market Update: 

• Bitcoin ($BTC), the oldest cryptocurrency, dipped below $61,500 early Wednesday.

• Other popular altcoins such as #Ethereum ($ETH), #Dogecoin ($DOGE), #Ripple ($XRP), #Solana ($SOL), and #Litecoin ($LTC) experienced a mix of minor declines and gains.

• The THORChain token was the standout performer, with a 24-hour surge of over 7 percent.

• Conversely, memecoin #dogwifhat ($WIF) suffered the largest loss on the second day, plunging by 10.83% in the same period.

• Total crypto market volume in the last 24 hours: $65.35B, marking a 2.75% increase.

• DeFi volume stands at $7.28B, representing 11.13% of the total crypto market 24-hour volume.

• Stable coins contribute $59.88B to the total volume, comprising 91.64% of the total crypto market 24-hour volume.

• Bitcoin's dominance is currently 53.16%, down by 0.39% compared to the previous day.

Major Worldwide News Update:

• The Bank of England's upcoming meeting is anticipated to see interest rates unchanged, with attention turning to hints on future policy directions. Comfort with declining UK inflation has led to expectations of two 25-basis-point rate cuts this year, possibly beginning in June. This could weaken the pound against the dollar pre-Fed actions.

• During Wednesday's North American session, Crypto prices dropped due to increased US Treasury yields and a robust US dollar. Economic events in the US are limited, with anticipation for Thursday's unemployment claims and Friday's University of Michigan Consumer Sentiment survey among traders.

• Grayscale CEO Michael Sonnenshien remains undeterred after withdrawing Ethereum Futures ETF application, focusing on transitioning Ethereum Trust to a spot ETF, akin to Bitcoin Trust. Despite SEC delay on Invesco Galaxy ETF, Grayscale maintains optimism, citing regulatory cooperation. Grayscale also introduces Ethereum Mini Trust, catering to diverse investor needs.

• Republican candidate Donald Trump openly endorses cryptocurrencies, promising to safeguard investors' rights and rejecting Biden's administration's regulatory crackdown. Trump pledges not to restrict Bitcoin, evolving from previous skepticism to embracing NFTs and accepting crypto campaign donations, contrasting Biden's regulatory stance, aligning with Senator Warren and SEC Chair Gensler.

• The Biden administration plans to veto H.J. Res. 109, aiming to nullify the SEC's SAB 121, which regulates financial firms' custodianship of cryptocurrencies. Critics argue it hampers innovation and increases costs, while proponents assert it protects investors and financial stability. Cody Carbone criticizes SAB 121 for inhibiting trusted custodianship and the SEC's lack of transparency.

• Crypto market experiences volume drop on macroeconomic concerns as Fed turns hawkish on prolonged high interest rates. Despite BTC price range-bound between $61K-$64K, whales accumulate $941 million worth BTC, bolstering bullish sentiment. Fed officials hint at rate cuts, spooking markets. Meme tokens lead leverage among top altcoins amidst whale accumulation.

COIN GABBAR Views: Is Bitcoin poised to hit $100,000 in 2024, or are choppy waters ahead? Are bulls out of the race as BTC sees dips and bears gain ground, signaling a potential breakout? Could Bitcoin be gearing up for a bounce back? To get latest news Stay tuned us at coingabbar

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